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The cryptocurrency market continues to experience a decline. Many exchanges and crypto projects are deciding to shut down, with the latest news coming from the CoinEX exchange.
In this context, CoinEx, one of the well-known and long-standing exchanges in the crypto sector, announced its decision to cease operations after nine years.
In an official statement, the exchange announced it would begin a phased shutdown and closure process starting September 15. CoinEx cited the prolonged stagnation in the cryptocurrency market, declines in trading volume and liquidity across the sector, increasing regulatory requirements, and compliance costs as reasons for the decision.
Services Will Be Ended Gradually!
CoinEx has also announced the schedule for the exchange’s closure process. New user registrations will cease on September 15th, and the futures markets will enter a “Reduce-Only” mode.
Futures trading, staking, lending, and other non-spot services will cease on September 22nd. Spot trading will be discontinued on September 29th. CoinEx Smart Chain and OneSwap services will also end operations on the same date.
Users will be given approximately three months to withdraw their assets during the closure process. CoinEx has stated that withdrawal services will remain open until December 22, 2026, after which the exchange will officially cease operations.
The exchange also stated that all user assets are backed by reserves, with an asset-to-reserve ratio exceeding 100%. Users were urged to withdraw their assets before the deadline, taking into account potential network congestion and transaction delays.
Buyback for CET Holders!
CoinEx has announced a special arrangement for its native token, CET. Between September 15th and 29th, a buyback will be offered at a price of 0.005 $USDT per token in the CET/$USDT pair. Any remaining CET in user accounts will be automatically repurchased at the same price on September 29th.
CZ Comments on the Closure Decision!
Changpeng Zhao, co-founder of Binance, the world’s largest cryptocurrency exchange, said that CoinEx’s closure was different from past exchange crashes.
CZ pointed out that CoinEx guarantees users will be able to withdraw their assets, noting that some exchanges that closed during the recent cryptocurrency downturn at least allowed users to withdraw their funds, but this was not the case with QuadrigaCX, the Canadian cryptocurrency exchange that went bankrupt in 2019 and blocked customer funds.
*This is not investment advice.